Fiat Chrysler names new CEO

Mike Manley, President and CEO of Jeep, was named CEO of parent company Fiat Chrysler Automobiles. Photo by Monika Graff/UPI | License Photo

July 21 (UPI) -- Fiat Chrysler Automobiles' top executive position is changing hands after nearly a decade under the leadership of Sergio Marchionne.

Fiat Chrysler's board on Saturday named the head of the company's Jeep division, Mike Manley, as CEO and said Marchionne would not return after complications from a surgical procedure earlier this month.

"The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years," a company announcement said.

Manley, 54, joined DaimlerChrysler AG in 2000. He has led Jeep since Chrysler LLC exited bankruptcy nine years later under a Fiat deal.

Marchionne had planned to leave the company early next year and had recently announced a strategy to boost company profits and global sales volume through 2022.

"Mr. Manley and his management team will proceed with the implementation of the 2018 - 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA's strong and independent future," the statement said.